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Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.

Automakers drop support for Trump effort against California emissions

WASHINGTON — Toyota, Fiat Chrysler (now known as Stellantis following its merger with Peugeot) and other major automakers said on Tuesday they were joining General Motors in abandoning support for former President Donald Trump's effort to bar California from setting its own zero emission vehicle rules. The automakers, which also included Hyundai, Kia, Mitsubishi, Mazda and Subaru, said in a joint statement they were withdrawing from an ongoing legal challenge to California's emission-setting powers, "in a gesture of good faith and to find a constructive path forward" with President Joe Biden. The automakers, along with the National Automobile Dealers Association, said they were aligned "with the Biden administrationÂ’s goals to achieve year-over-year improvements in fuel economy standards." Nissan in December withdrew from the challenge after GM's decision in November shocked the industry and won praise from Biden. On Monday, the Justice Department asked the U.S. Appeals Court for the District of Columbia to put the California emissions litigation on hold to "ensure due respect for the prerogative of the executive branch to reconsider the policy decisions of a prior administration." Biden has directed agencies to quickly reconsider TrumpÂ’s 2019 decision to revoke CaliforniaÂ’s authority to set its own auto tailpipe emissions standards and require rising numbers of zero-emission vehicles, as well as Trump's national fuel economy rollback. Asked to respond to the automakers' action, White House climate adviser Gina McCarthy said in a statement that "after four years of putting us in reverse, it is time to restart and build a sustainable future, grow domestic manufacturing, and deliver clean cars for America." California Governor Gavin Newsom praised the automakers on Twitter for "dropping your climate-denying, air-polluting, Trump-era lawsuit against CA" and urged them to join the voluntary framework. TALKS WITH BIDEN Separately, an industry trade group on Tuesday proposed to start talks with Biden on revised fuel economy standards that would be higher than Trump-era standards but lower than ones set during the prior Democratic administration. The Trump administration in March finalized a rollback of U.S. Corporate Average Fuel Economy standards to require 1.5% annual increases in efficiency through 2026, well below the 5% yearly boosts under the Obama administration rules it discarded.

2021 Ford Raptor vs Ram TRX Specs Compared

Hopefully by now you've had a chance to read our thorough 2021 Ford F-150 Raptor review. If not, check it out, 'cause you'll find a lot more detail and expertise than normal (for Autoblog or anywhere) thanks to Dan Edmunds' vast engineering and off-roading background. If you want all the dirt on the Raptor, pun intended, that's where to turn. If you just want to gaze at the specs, however, and wonder how they compare to the old Raptor or to the Ram TRX, check out the chart below. There you will find dimensions, clearances, angles, weights, capacities, engine output and fuel economy for the 2021 Raptor with both 35-inch and 37-inch tires. As Dan explains in his first drive, there's actually more going on there than just tire sizes. You'll find the same specs for the outgoing second-generation Raptor plus the 2021 Ram 1500 TRX and the less extreme Ram Rebel trim level in the chart, too.  Other reviews and deep dives about the F-150 and TRX 2021 Ram 1500 TRX First Drive Review Our review of the Raptor's chief competitor, the mighty TRX. That just sounds like we're talking about Jurassic Park.    2021 Ram TRX Suspension Deep Dive and RTI ramp test Follow along with engineer Dan Edmunds as he takes you under the TRX and explains everything there is to know about its suspension -- and how it's able to do what it does.    2021 Ford F-150 Full-Line Review   2021 Ford F-150 Suspension Deep Dive It's a totally different F-150 flavor to be sure, but even the volume-selling XLT received a lot of work for 2021. Dan Edmunds takes you underneath the truck to show you what's different and what difference it makes.    Photo Galleries of Each Truck 2021 Ford F-150 Raptor 2021 Ford F-150 Raptor View 16 Photos   2021 Ram 1500 TRX 2021 Ram 1500 TRX front 3/4 in motion View 53 Photos   Ram 1500 Rebel 2019 Ram 1500 Rebel View 42 Photos   Second-Generation Ford Raptor 2019 Ford F-150 Raptor View 37 Photos